4castplus Blog

4castplus Blog

18 18, 2019

4castplus AP Automation with OpenInvoice

The team at 4castplus recently completed a key productivity advancement with the new 4castplus “AP Automation” module.  Anyone familiar with accounts payable (AP) knows that the effort that goes into matching, validating and approving vendor invoices can be incredibly time consuming and labor intensive.  The new AP Automation module takes away as much as 70% of that effort by eliminating most of the manual, human involvement that goes into the matching and approval of vendor invoices. Instead, the system automatically, electronically matches and approves invoices.

 

 

A significant part of the burden on AP is rooted in the accounts payable staff not having easy access to either the original receipt, the PO commitment, or other corroborating evidence to match the invoice against.  This lack of information causes unnecessary churn with AP personnel chasing down people, documents, scanned receipts, etc. to confirm the accuracy of the invoice.  Then, once the substantiating information is found, matching and approving the invoice is largely a case of verifying that what’s on the invoice agrees with what is on the associated receipts.  The thing is, vendor invoices are mostly bang-on accurate, so for the AP staff in those cases, it becomes a relatively tedious routine of stamping the invoice as approved.  With the 4castplus AP Automation module, accounts payable can let the system handle the dull grind and heavy-lifting of matching invoices so that they can reduce their costs and focus their efforts on more high-value work.

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06 6, 2019

Video: Purchase Order 3-Way Match in 4castplus

Watch the following video to learn how purchase orders in 4castplus move through the 3 main lifecycle stages, called the 3-way-match:

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04 4, 2019

What’s the Difference Between a Change Order and a Contract Revision?

When it comes to general terminology in project management, project controls and procurement, not all organizations use the same terms when describing the same common concepts. For one simple example, some may refer to the lowest level of the Work Breakdown Structure as the “Activity”, whereas others may call it the “Task”.   As a provider of project-driven software, we at 4castplus need to always provide a consistent and standardized lexicon for all terms that are used in the software platform; and ensure those terms, where possible, are based on industry standards.  It is our policy to adhere to standard terminology, formulas and workflows where such standards exist.  Despite our efforts however, not every term out there has a standard or a standard meaning, so we’re forced to go forward in some cases with terms that, to us, make the most sense, or appear to be most widely used.

The funny thing is, even when there are standards, people and organizations are nevertheless free to use whatever terms they choose to mean whatever they want.  This works fine of course as long as they’re working in isolation; but it can cause confusion and misunderstanding when it comes time to communicate to the outside world.  Similarly, when it comes time to adopting a standards-driven solution like 4castplus, organizations will often go through a translation in terminology that takes place to normalize people’s use of core terms in the software. 

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